Ethereum May Soon Break Out of a Bull Flag Pattern Shown on its Daily Chart

• Being in a classic bull flag, Ethereum hints at the continuation of its upward trend
• There have been several resistance at the flag’s top, yet the moving averages still show that ETH’s bullish potential still holds strong.
• According to analysts, it is better to wait for the price to break out before investing more in Ethereum.

A potential breakout has recently been seen on the daily chart for Ethereum (ETH), since it is forming a bull flag pattern. Analysts have noted that the pattern forming is related to the strong rise that took place in mid-April. 

A bull flag is usually a bullish continuation pattern, and it indicates that after a steep rise in price, the market moves in a sideways or downward range that looks like a flag hung on a pole.